WTFFF -- EL SALVADOR HAS JUST ANNOUNCED THEY ACCEPT CRYPTO

MAKING THEM THE FIRST COUNTRY TO RECOGNISE BITCOIN (BTC) AS A LEGAL TENDER (BITCOIN STANDARD)

HERE IS SOME FUD FROM MAINSTREAM MEDIA

LETS BREAK THIS FUD DOWN

///THREAD///
1.

REMITTANCES

THESE ARE PAYMENTS PEOPLE SEND "BACK HOME" IT IS DEFINED BY BEING A NON COMMERCIAL WORKER

WHY THIS MATTERS.

IT MEANS THAT THESE PAYMENTS CAN BE HUGE IN PROPPING UP FOREIGN ECONOMIES

THE REMITTANCE ECONOMY IN 2019 ~$715 BILLION
2. BITCOIN ALLOWS FOR MUCH CHEAPER TRANSFER OF MONEY

MOST REMITTANCE SERVICES (I PAY ALOT OF OFF SHORE PEOPLE), HAVE HUGE TRANSACTION FEES

SOME OF THE TRANSACTION FEES ARE HIGHER THAN A DAYS WAGE FOR A LOT OF THESE FORIEGN WORKERS

CRYPTO ALLOWS CHEAPER TRANSACTIONS
3/ HOW THIS COULD DEVELOP?

FOREIGN WORKERS ALL START USING CRYPTO AND THE ENTIRE NATION OF EL SALVADOR NOW BECOMES ON RAMPED TO CRYPTO PAYMENTS

WHY?

BECAUSE CRYPTO IS CHEAPER AND INCREASES IN VALUE AS MORE PEOPLE ARE ONRAMED

INCENTIVES
4/ THE FUD HERE SAYS THAT ITS ONLY WITHIN THE REMITTANCE SECTOR

THIS IS FALSE

WHAT WILL ALSO HAPPEN

IS THAT PEOPLE WILL KEEP DEPOSITS OF CASH IN CRYPTO

I ONLY SELL MY CRYPTO THAT I GET PAID IN BY CRYPTO COMPANIES, WHEN I NEED TO PAY FOR STUFF
5/

THIS MEANS THE NUMBER OF HODLERS.... INCREASES EXPONENTIALLY

IT ALSO MEANS A NEW TANGENT ECONOMIC OPPORTUNITIES OPEN UP IN EL SALVADOR...

HOW?

PEOPLE START PAYING FOR NORMAL GOODS N SERVICES WITHIN EL SALVADOR IN CRYPTO

BUSINESSES WILL START ACCEPTING IT
6/

IF BUSINESSES START ACCEPTING CRYPTO

THIS MEANS THAT THE LARGER COMPANIES WILL START HODLING CASH RESERVES OF CRYPTO TO BALANCE THEIR FINANCES AND TO HAVE LIQUIDITY ON HAND

THE NUMBER OF HODLERS INCREASE
7/ THE NEXT PIECE OF FUD IS THAT

OTHER COUNTRIES WONT ACCEPT BITCOIN

THIS IS FALSE,

ITS THE REVERSE, GOOD MONEY WILL DRIVE OUT BAD MONEY.

IF THERE ARE INCENTIVES AT PLAY FOR MORE COUNTRIES TO PAY LESS IN TRANSACTION FEES AN HAVE ACCESS TO DEFI

THEYLL ADOPT IT
8/ IT IS ALL ABOUT INCENTIVE MECHANISMS

MORE AND MORE COUNTRIES WILL START HOLDING CRYPTO AND BITCOIN AS A RESERVE CURRENCY AS THE DOLLAR DEPRECIATES IN VALUE AND AS THIS HAPPENS THE LIQUIDITY OF BITCOIN AND CRYPTO IN GENERAL WILL INCREASE

CHINA IS EVEN LOOKING AT CRYPTO
9/

THIS IS A YOUNG PRESIDENT

SURE THAT IS TRUE, BUT WHAT THIS MEANS IS THAT YOUNG PEOPLE SEE THE POTENTIAL OF THE NEW TECHNOLOGY, MUCH LIKE HOW THE INTERNET HAD PROPONENTS THAT WERE YOUNG

BUT THIS ALSO MISSES THE POINT THAT MANY OLD PEOPLE ARE IN CRYPTO TOO
10/

THERE IS ALOT OF PR VALUE IN ADOPTING CRYPTO, THIS IS TRUE, BUT IT DOES NOT ELIMINATE THE FUNDAMENTALS OF THE ADOPTING OF CRYPTO

WHAT THIS DOES HOWEVER IS, INCREASE THE AWARENESS TO ALOT MORE PEOPLE

THEY THEMSELVES WILL INVESTIGATE AND HOPEFULLY UNDERSTAND
11/ FINANCIAL GOALS

THIS IS WHERE IT GETS IDEOLOGICAL

THE SUIT N TIE GUY TALKS ABOUT MACROECONOMIC AND POLITICAL GOALS

THESE ARE HIGHLY IDEOLOGICAL AND ARE HIGHLY CHALLENGED IF THEY SHOULD BE EVEN PURSUED OR NOT

THERE IS NO REAL CONSENSUS ON IT
12/

AS A GENERAL CONCEPT OF THE DIGITAL CURRENCY

THE MAIN FUD HERE IS THAT HE CALLS BITCOIN PRIVATE DIGITAL CURRENCY

AND HE CALLS A CENTRALLY CONTROLLED DIGITAL CURRENCY "PUBLIC"

THIS IS FLIPPED, CENTRAL BANKS ARE NOT A PUBLIC ENTITY, THEY ARE NOT A COMMONS, BITCOIN IS
13/ ANY LEGAL TENDER OWNED AND ISSUED BY A CENTRAL BANK IS NOT IN THE PUBLIC DOMAIN, IT IS ENFORCED BY A PRIVATE ENTITY, USUALLY SUPPORTED BY THE GOVERNMENT

THE GOVERNMENT IS NOT A FAIR ACTOR AS IT HAS ITS OWN SETS OF RULES, AGENDAS AND BIASES.
14/

THERE ARE ALREADY "STABLE COINS" BUT THESE ARE SYNTHETIC CENTRAL BANK CURRENCIES (sCBDC) USDC or USDT AS EXAMPLES.

BUT THERE ARE MANY TYPES OF THESE.

BUT STABILITY IN A LARGE SENSE IS AN ABERRATION, EVERYTHING IS IN FLUX
15/ ON PUBLIC COMMONS

THE COMMONS ARE USUALLY DESCRIBED AS SOMETHING THAT IS ACCESSIBLE & NON EXCLUSIVE TO ALL MEMBERS OF SOCIETY

#BITCOIN IS OPEN SOURCE

IT IS HIGHLY ACCESSIBLE AND ALL CAN OWN IT

THE UNDERLYING TECH IS PRETTY MUCH A PUBLIC GOOD
16/ THE PROBLEM THIS POSES FOR CENTRALISTS, IS THAT THEY THINK ON A NATIONAL SCALE

#BITCOIN IS GLOBAL

"PUBLIC" NOW ENCOMPASSES A FINANCIAL SYSTEM THAT WILL ALLOW 9 BILLION PEOPLE TO ACCESS...

WHERE AS CENTRAL BANK OWNED CRYPTO... IS EXCLUSIVE AND DISCRIMINATORY
17/ THE NEXT PIECE OF FUD IS

BITCOIN ISNT A STABLE NETWORK

THE BITCOIN NETWORK IS AS STABLE AS IT NEEDS TO BE AT ANYONE TIME

MEANING THAT AS TIME GOES THE NETWORK MORPHS AS THE MARKET FORCES AROUND IT CHANGE, JUST LIKE HOW TECHNOLOGY UPGRADES
18/ BITCOIN NETWORK IS HIGHLY BUILT ON GAME THEORY

MEANING THAT AS LONG THERE IS INCENTIVE TO MAINTAIN THE NETWORK FINANCIALLY, THEN THE NETWORK WILL REMAIN.

THE OTHER ASPECT IS ON

"ACCOUNTABILITY"

THE LARGER THE NETWORK THE MORE ACCOUNTABLE THE ACTORS WILL BE
19/ ACCOUNTABILITY

THIS IS DUE TO ANY BAD ACTORS WILL HAVING LESS AND LESS INCENTIVE TO PLAY THE FAST SCAM GAME, MAINLY DUE TO MORE PEOPLE IN A LARGER NETWORK WANTING THE GAME TO BE PLAYED WITHIN CERTAIN RULESETS

CRYPTO IS ALSO BUILT ON "TRUSTLESS" IDEOLOGY
20/ THE CENTRAL BANKS ARE LESS ACCOUNTABLE THAN CRYPTO OR BITCOIN PEOPLE

MAINLY BECAUSE THE PEOPLE BEHIND CENTRAL BANKS ARENT INCRIMINATED FOR THEIR FOLLY

THEY HAVE THE HUBRIS THAT THEY CAN CONTROL THE A COMPLEX DYNAMIC SYSTEM LIKE AN ECONOMY

BITCOIN HAS MULTIPLE ACTORS
21/

ON LIQUIDITY

LIQUIDITY ONLY INCREASES AS MORE BITCOIN USERS ARE THERE

THERE IS LIQUIDITY AS TESLA FAMOUSLY PROVED.

ON PRICE STABILITY, BITCOIN IS STILL IN A MACRO LONG TERM PRICE DISCOVERY PHASE, IT WILL CONTINUE OVER THE LONG PERIOD OF TIME GO UP
21/ THE PRICE VOLATILITY HAS DECREASED, COMPARE THIS CHOP COMPARED TO THE PREVIOUS MARKETS

THE DIPS ARE SMALLER COMPARATIVELY, THE PUMPS ARE LESS VOLATILE TOO
AND THE MARKET REACTS DIFFERENTLY TO CERTAIN TYPES OF NEWS

THIS IS BECAUSE OF INSTITUTIONS & BILLIONAIRES
22/

CONCLUDING REMARKS

ALL OF THESE POINTS AND MORE CAN BE REFUTED PRETTY EASILY BUT THE FUD WAS PRETTY MUCH BASIC ECONOMIC IDEOLOGY FUD IN THE SENSE OF HOW ITLL AFFECT POLTICS

THE OTHER THING IS THAT THIS MAY BE A "SUPERCYCLE" WHERE IT JUST GOES UP FOR A LONG TIME
23/ IF YOU LIKED THIS THREAD PLEASE RT THE MAIN TWEET SO I KNOW WHAT TYPE OF CONTENT TO PRODUCE

OR IF YOU WANT TO LEARN HOW TO GET STARTED IN CRYPTO, DOWNLOAD THIS FREE GUIDE BY
@CRYPTOAUXILIARY

gumroad.com/l/cryptoaux01

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